Harper government needs to show ‘flexibility’

This article was last updated on April 16, 2022

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According a few economists, Harper government needs to show some flexibility and determination to change its deficit-cutting plans if the global economy turns bad again. The academic and private sector economists shared their ideas and intellect with the House of Commons finance committee.

Canada’s leading economists were arguing about the probability of another recession, either globally or in Canada, while everyone believed that the economy pitch-black and held the federal government should be ready do whatever it takes to uphold confidence and ensure the revival.

Douglas Porter, deputy chief economist at BMO Nesbitt Burns said: “I think it’s too early to significantly change tack at this point. Having said that, we could have a rather dramatic change in the economy in the months ahead… I do believe the U.S. economy is in danger of a renewed downturn.’’

Glen Hodgson, Chief Economist of the Conference Board of Canada supposed “flexibility” might mean cutting back Ottawa’s 2014-15 targets for a balanced budget by a couple of years.

He said: “I think we should be prepared to make that adjustment. Let’s at least be open-minded.”

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